Wild scenes as glammed up Melbourne Cup revellers kick off their heels and let loose long after the race that stops the nation

More than 90,000 revellers have flocked out of Flemington Racecourse following another Melbourne Cup Day.

The mood was high and the booze was flowing for the thousands of attendees of the iconic race, won by rank outsider Knight's Choice.

Racegoers were dressed to the nines as they trickled through the gates of the prestigious racecourse from 8.30am on Tuesday.

As the last race of the day finished shortly after 5.15pm, thousands of revellers began making their way home again.

Several attendees were spotted tripping over their high heels, while others completely abandoned their footwear.

Irish-born, Queensland-based jockey Robbie Dolan - previously most famous as a singer on Aussie reality show The Voice - steered the Knight's Choice to victory, edging out Warp Speed as they went to the line together.

Okita Soushi and Zardozi both led inside the final furlong but finished third and fourth respectively.

'I'll be singing for the rest of my life after that,' Dolan said.

'It is incredible. I can't believe it. I don't even know what to say.'

'I watched every Melbourne Cup for the last 40 years. I thought my best chance was to get him to stay the trip and hopefully he can run home and do the quick sectionals he can on a good track and he proved everybody wrong,' Dolan continued.

'I can't put it into words. It is the biggest race in the world. I have my family here and my partner Christine, our little baby Maisy, and my dad flew over from Ireland and now you have me in tears.'

Knight's Choice became the longest shot to win the Melbourne Cup since Michelle Payne steered Prince of Penzance to victory in 2015 at 100-1.

Pre-race favourites Vauban and Buckaroo settled at the back of the field and made their runs in the straight but weakened late.

Thousands of Melbourne Cup fans in Sydney brought the spirit of the track to the city's centre.

Hundreds of revellers were seen at hotspots around the New South Wales' capital and the after party continued at venues in Kings Cross.

Several were spotted partying at bars across the late-night district while others stumbled home.

While crowds across Australia were stunned by Knight's Choice's win, trainer John Symons said it came as no shock to him.

'We wouldn't have been here if we didn't think we could,' he said.

'What a great ride by Robbie. I took the risk, went through the pack. I was worried. He got further back than we talked about, but great ride. What a thrill. What a thrill.

'Look, you know, you work with these horses 24/7, and you know where you have got them, and you would be disappointed if he didn't run a good race.'

'You know, what position - top five in a race like this, you have to walk away happy. To win it, it is a dream come true,' Mr Symons continued.

Co-trainer Sheila Laxon - who also trained Ethereal to Melbourne Cup glory in 2001 - said Dolan was now an honourary Aussie.

'I love it being down for the Australians. The Australian horse has done it, and Robbie is Australian now as well, so I'm thrilled to win the Cup, and it is the people's Cup and that's what it is all about,' she said.